Saving on food: an easy, effective way to cut big bucks out of your budget

Groceries have always been a given expense when my wife and I plan our budget for the coming month. After all, everyone has to eat. With the addition of several children over the years (and now decades), our grocery budget has certainly grown, but we never stopped to question it -- we just budgeted for that much more in food expenses.

It was only recently that we actually sat down to look in-depth at what we were spending on food. We then discussed ways that we could cut down on the exorbitant costs that were coming out of our bank account, without having to make any big sacrifices. Not only did we realize it was possible, but it was easy.

1.The first thing we did was start planning our food shopping ahead of time. The worst thing someone on a budget can do is go to the store with no set plan in mind, because they’ll just end up buying a lot of things they don’t need, or food items that don’t go together. This is especially bad when shopping with your kids – which, from experience, I would never recommend. Planning could mean deciding a week’s worth of meals ahead of time and what ingredients you’ll need to make them, or it could simply mean making a list of things you’re short of and sticking to that list when at the grocery store. It’s all about what works best for you and your family.

2.If you want to save money on groceries, you should try to space out your trips to the store as much as possible. My wife and I try not to go more than once a week (which doesn’t always work when you have kids, but we challenge ourselves as much as possible). Each time you go to the grocery store, you’ll end up with something you didn’t necessarily need, and the more times you go, the more this will happen. By eliminating some of that temptation, you end up saving.

3.Figure out where you can get the best deals. One of the best ways to save money on groceries is to evaluate the prices of the foods you buy at each of the stores in your area. Does Trader Joes sell cheaper bagels than Whole Foods? (The answer to that question is probably yes.) Does Walmart have cheaper produce than Publix? You can save a lot of money over time by buying products where you can get them at the lowest prices.

4.Don’t buy already prepared foods. Pre-cut watermelons and packaged salads can be tempting purchases, but think how much you’re spending on such a small amount of convenience. At Trader Joes, readymade salads on average cost $4, which is admittedly less than eating out, but imagine how much you could save by taking a few minutes to make your own salad? Cut that watermelon yourself and you’ll be saving several dollars, plus have a lot more watermelon.

5.Never go to the store hungry. Going to the grocery store if you haven’t eaten can be a big mistake for your wallet. When everything looks good, you’ll end up buying a lot of things you wouldn’t have otherwise, things that aren’t on your list.

About the author: Matthew Becker is a personal finance expert and a consultant for CashAdvance.com. He is currently writing a book on how to manage your finances in a changing economic climate, to be published in 2014.